What to look for in a Solo 401k Provider

With so many different companies offering self directed solo 401k, also known as individual 401k or solo 401k, here’s how you determine which Solo 401k provider is the best for you.

Liberal Solo 401k Document

When looking for solo 401k providers, confirm that their Solo 401k plan allows for following:

  • Investing in alternative investments such as real estate, precious metals, notes, etc.
  • Participant loans—most solo 401k plans offered by brokerage firms such as Fidelity, TD Ameritrade or Schwab do not allow for participant loans.

Confirm Solo 401k Provider Offers Full Service at one low price

Even though when compared to other 401k types Solo 401k is relatively straight forward to administer, you should still find a Solo 401k provider that offers full service at one low fee.  Services to look for are: 1)assistance in preparing annual Form 5500EZ, 2) Form 1099R, 3) preparation of participant or Solo 401k loan documents, 4)calculating annual solo 401k contributions, 5) interpreting solo 401k rules, 6) facilitation or review of alternative investments, 7)good customer service, 8)opened on Saturday, and 9) preparation of transfer/rollover forms.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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